PERSONAL FINANCIAL LITERACY EVENT 2016 Sponsored by FINANCE
DECA’s Personal Financial Literacy Event measures the personal finance knowledge and skills that K–12 students should possess. The Personal Financial Literacy Event is designed to measure the student’s ability to apply reliable information and systematic decision making to personal financial decisions. The Personal Financial Literacy Event is designed for DECA members who are enrolled in personal finance and financial literacy courses.
KNOWLEDGE AND SKILLS DEVELOPED Participants will demonstrate knowledge and skills described by the National Standards in K–12 Personal Finance Education which were created and are maintained by the Jump$tart Coalition® for Personal Financial Literacy. Broadly, students will be assessed on their knowledge of areas such as: n Spending and Saving n Investing n Credit and Debt n Risk and Insurance n Employment and Income n Financial Decision Making Complete lists of performance indicators are available at www.deca.org. Participants in these competitive events are not informed in advance of the performance indicators to be evaluated. Participants will also develop many 21st century skills, in the following categories, desired by today’s employers: n
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Communication and Collaboration Critical Thinking and Problem Solving n Information Literacy n Leadership and Responsibility n Productivity and Accountability
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Creativity and Innovation Flexibility and Adaptability n Initiative and Self-direction n Media Literacy n Social and Cross-cultural Skills
A crosswalk is available at www.deca.org that shows which 21st century skills are developed by participating in each competitive event. Many Common Core Standards for Mathematics and English Language Arts & Literacy are supported by participation in DECA’s competitive events. Crosswalks are available at www.deca.org that show which common core standards are supported by participating in each competitive event.
DEFINITIONS Many organizations have defined “personal finance” and “financial literacy.” The following, a distillation of the views of several sources, are the definitions underlying the National Standards: n Personal finance describes the principles and methods that individuals use to acquire and manage income and assets. n Financial literacy is the ability to use knowledge and skills to manage one’s financial resources effectively for lifetime financial security.
1 PARTICIPANT
FINANCIAL LITERACY
1 ROLE-PLAY
PREP TIME
INTERVIEW TIME
EVENT OVERVIEW n
70
The Personal Financial Literacy Event consists of two major parts: a financial literacy exam and a role-play scenario with a business executive. A second role-play scenario will be given to finalists. The financial literacy exam items and the content interview situations are selected from a list of performance indicators identified in the National Standards in K–12